Note 10. Borrowings

Short-Term Borrowings

The following table presents information concerning short-term borrowings (in thousands):


	December 31,
	2011		2010
Federal funds purchased
Amount outstanding at period-end	$	16,819	$	—
Weighted average interest rate at period-end		0.19%		—
Weighted average interest rate during the year		0.18%		0.13%
Average daily balance during the year	$	12,911	$	2,734
Maximum month end balance during the year	$	26,666	$	6,900

Securities sold under agreements to repurchase
Amount outstanding at period-end	$	1,027,635	$	364,676
Weighted average interest rate at period-end		0.65%		1.69%
Weighted average interest rate during the year		1.03%		1.95%
Average daily balance during the year	$	681,474	$	477,174
Maximum month end balance during the year	$	1,027,635	$	534,627

FHLB borrowings:
Amount outstanding at period-end	$	—	$	10,172
Weighted average interest rate at period-end		—		1.19%
Weighted average interest rate during the year		0.15%		0.57%
Average daily balance during the year	$	81,673	$	22,846
Maximum month end balance during the year	$	10,153	$	30,676

The Banks borrow funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to their deposit customers. Customer repurchase agreements generally mature daily. Borrowings under repurchase agreements also include certain term agreements with dealers with various maturities, all of which are callable by the dealer. The Banks have the ability to exercise legal authority over the underlying securities. Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis.

Long-Term Borrowings

The Company has a line of credit with the Federal Home Loan Bank (FHLB) of $2.7 billion which is secured by a blanket pledge of certain mortgage loans. At December 31, 2011, the borrowing capacity under the FHLB line of credit was approximately $2.5 billion.